Orkla's EBITA for the first half of 2008 ended at NOK 2,292 million (NOK 2,661 million)1, while EBITA for the second quarter alone was NOK 1,230 million (NOK 1,194 million)1.
- Orkla Brands continued to improve its profit performance in the second quarter, and the underlying2 increase in EBITA at the end of the first half year was 8 %.
- Despite declining volumes in the second quarter, Orkla Aluminium Solutions reported satisfactory profit for the first half-year. However, the market outlook is clearly weaker in Europe, and there are still no signs of improvement in the US.
- In Orkla Materials, profit from Elkem was in the second quarter again impacted by the low contribution to profit from aluminium operations and the higher costs recognised, as planned, in Elkem's solar project. For this reason, combined with the lower contribution to profit from energy trading in the first quarter, Elkem's first-half profit was NOK 379 million lower than last year. Borregaard's profit growth continued in the second quarter, but the market outlook in important product areas is weaker forward.
- Orkla Associates' contribution to profit was boosted in the second quarter by a gain of NOK 830 million on the sale of Orkla's stake in Hjemmet Mortensen. REC's second-quarter profit rose 10 % to NOK 889 million, while Jotun continued its positive trend.
- Orkla Financial Investments has written down portfolio investments in accordance with IFRS requirements by NOK 527 million in the second quarter. At the end of the first half-year, impairment charges totalled NOK 1.056 million. This contributes to an accounting loss of NOK -183 million on portfolio investments in the first half of 2008.
- The first-half return on the Share Portfolio was a negative 8.3 %, compared with a negative 16.9 % for the Morgan Stanley Nordic Index (a negative 5.6 % for the Oslo Stock Exchange Benchmark Index).
- Pre-tax profit for the first half-year amounted to NOK 3,379 million (NOK 6,558 million)1, while profit for the second quarter alone totalled NOK 2,498 million (NOK 3,053 million)1.
1 The figures in brackets refer to the corresponding period of the previous year.
2 Excluding acquisitions, divestments and currency translation effects.